Fitch understands that according to the "offeror" mechanism, the two separate notes to be issued under the issuing entity LLC Victoria-Finance will benefit from an irrevocable "offer" from each holdco - OJSC Victoria Group; CJSC Torkas; LLC Victoria-Moskovia; LLC Victoria-Development; and LLC Victoria-Baltia - to purchase the notes in the event of a default.

Specifically, NASA JSC is looking for an offeror that supports a network of experts that can facilitate solutions to a vast array of issues and challenges facing the future of human health and performance in spaceflight.

There's a mechanism in Ontario courts that allows a party to make an offer to settle and if the offer is rejected and the rejector doesn't get a better result at trial than the offer, the rejector only gets their costs to the date of the offer and the offeror gets their costs generally on the higher solicitor-client costs basis for costs from that date on.

On Thursday, EMI said its "discussions with the potential offeror have now ceased" because the company "has not received an offer that fully reflects the prospects for and value of the company and which it could recommend to shareholders."